AUD/NZD Price Analysis: Bulls eye an upside extension

• AUD/NZD has corrected a significant part of the recent bullish impulse.
• The bulls will be looking for an optimal entry point for the day ahead.

AUD/NZD is moving into a phase of consolidation into a support structure that would be expected to hold on first attempts. 

An upside extension could be on the cards for the sessions ahead. 

Bulls will be looking for buys above the hourly 10 EMA and the 15-min resistance.

1-hour chart

The price has moved in on a dynamic support line and has met horizontal support on a number of occasions reinforcing the bullish bias. 

15-min chart

There is some work to do on the lower time frames as the price forms a resistance structure.

However, a break of 1.0450 could prove significant for the day ahead and encourage buys that would be expected to equate to an upside continuation.